Top buy & sell ideas by Ashwani Gujral, Sudarshan Sukhani, Mitessh Thakkar for short term

Mitessh Thakkar of mitesshthakkar.com suggests buying CESC with a stop loss of Rs 1007 and target of Rs 1045 and Mindtree with a stop loss of Rs 1084 and target of Rs 1135 and advises selling Hindustan Unilever around Rs 1705 - 1710 with stop loss of Rs 1730 and target of Rs 1650.

The Nifty which started on a positive note failed to hold on to momentum and breached its 5-day exponential moving average in September 3. The index closed below its crucial support placed at 11,600 and made a robust bear candle on daily charts which resembles a Bearish Belt Hold kind of pattern.

The Nifty index found support at 13-day exponential moving average (EMA) before closing the day at 11,582, down nearly 1 percent from the previous close of 11,680.

Traders are advised to tread with caution and use rallies to create short positions. The short-term trend will favor bears as long as Nifty trades below 11,760 levels suggest experts.

India VIX spiked up by 6.29 percent at 13.39 and a sudden jump in volatility is a cause of concern for immediate basis.

According to Pivot charts, the key support level is placed at 11,515.87, followed by 11,449.43. If the index starts moving upwards, key resistance levels to watch out are 11,700.27 and 11,818.23.

The Nifty Bank index closed at 27,819.5 on Monday. The important Pivot level, which will act as crucial support for the index, is placed at 27,663.54, followed by 27,507.57. On the upside, key resistance levels are placed at 28,089.33, followed by 28,359.17.

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